Maharashtra Seamless secures orders from ONGC
Maharashtra Seamless secured orders from ONGC for the supply of seamless casings, tubings, line pipes and ERW pipes. The order is amounting to Rs. 920 crore.
The company’s order book stood at Rs. 950 crore as on Q2FY19. This coupled with this order win gives strong revenue visibility over the next few quarters. The Q2FY19 order book comprised of domestic (88 per cent) and exports (12 per cent).
Maharashtra Seamless is engaged in the manufacturing of different types of steel pipes and tubes. It is positioned as India’s no.1 producer of seamless pipes having a total capacity of 550KTPA. Also, it is a major producer of ERW (electric resistance welding) pipes with a total capacity of 200KTPA.
On Monday, the stock opened at Rs. 490.35 per share, up by almost 3 per cent from its previous close of Rs. 476.10. With the announcement of order win, the stock shoot up by nearly 5 per cent and made an intraday high of Rs. 499.85 on the BSE.